15. Mr. F. HALL (Dulwich)
asked if further legislation would be required to enable the reserve funds under the National Insurance Act to be utilised for rural housing schemes; and whether he will consider the practicability of using these funds to expedite the provision of satisfactory and adequate sanatorium accommodation by which urban and rural contributors might benefit alike?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Montagu)
The answer to the first part of the question is in the negative. These funds can be applied for the purposes of housing schemes through the machinery of the Local Loans Fund, and Section 54 (3) of the National Insurance Act gives a preference to Local Loans Fund securities issued for the purpose of providing capital for housing as investments for insurance funds. The question of giving special facilities for loans from the Local Loans Fund for sanatorium purposes is under consideration.